A competitive firm has the following short-run cost function:
𝐶(𝑞) = 𝑞 3 + 8𝑞 2 + 30𝑞 + 5
Find MC, AC, and AVC and sketch them on graph.
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I also need help with the drawings of the graphs! 1. (25 pts) A competitive firm has a cost function given by: C (y)-y2 +y+4. (a) Derive the firm's marginal cost function MC (y), average variable cost function AVC(y), and average cost function AC (y) and show them on a graph. (5 pts) (b) At what output is the average cost AC (y) minimized? (5 pts) (c) Determine the short-run supply curve for this firm and show this curve on...
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph above shows the cost curves for a competitive firm. The price must exceed firm to operate in the short run. O $10 O $0 O $18 O $20
Cost, $ MC 30 AC 20 18 AVC G 10 50 80 9 The graph above shows the cost curves for a competitive firm. In the short run, the firm will shut down if price falls below O 50 O $10 O $18 $20
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